Is This the "End of History" Moment for Bank Card Issuers? Leading in the Disruptive World of Cards

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28 March 2022


Back in 1992, Francis Fukuyama, an American political scientist, published a book called The End of History and the Last Man. With the Berlin Wall falling and the Soviet Union crumbling, it seemed at the time that liberal democratic values and free-market capitalism had demonstrated their superiority once and for all, hence the “end of history”. It was a bold statement then, and of course, has been proved to be wrong by many events since.

Bank card issuers could be forgiven for thinking that they are also experiencing the “end of history” moment, i.e., they will continue to issue cards and support a growing range of card-based transactions, but most of the exciting innovations will be happening elsewhere. Indeed, that is a risk, but it doesn’t have to be that way. We believe that despite the significant disruption that has taken place in the world of cards over the last decade, banks can continue to innovate and play a major role going forward.

In this report, we take a closer look at how the cards world has changed. We also recommend bank issuers consider five action points – starting with a solid foundation and innovating on top – to ensure they are not left on the fringes and instead reclaim leadership.

If you are interested in my personal backstory that gives further insight into the report title, please take a look at my blog.